C9 Weekly Report 15 April 2017

Weekly Price Trend: 10-04-2017 to 14-04-2017

• The above given graph focuses on the C9 price trend for the current week.
• Domestic prices of C9 remained unchanged for this week. Prices were assessed at the level of Rs.45/Kg for bulk quantity by closing of market.

Booking Scenario

INDIA& INTERNATIONAL

• Domestic prices remained unchanged for this week. Prices were assessed at the level of Rs.45/Kg for bulk quantity.
• This week C9 prices improved in international market. CIF India prices were assessed at the level of USD 690-710/MTS.
• Severe volatility was observed in the crude prices for this week. Still the market sentiments by end of the week remained strong with prompting crude prices to close on higher note. Yesterday some stability was seen global oil market as demand and supply was on matching hand due to fall in the stockpiles in developed nations in the month of March.
• According to recent reports, the market has been oversupplied since last three years, prompting members of the OPEC and some non-OPEC producers to agree to cut output in the first six months of 2017 to rein in the glut. OPEC meets on May 25 to consider extending the cuts beyond June.
• On other side there has been continuous rise in oil production in U.S., both onshore and offshore, which will act as a headwind for the market.
• As per market analyst, refinery runs are picking up, and driving season is around the corner, so inventories will start going down soon. Amid so much uncertainty, the only thing that is certain is that crude oil production is growing, and there are no signs that this will change while the going is good and prices stay above $50 a barrel.
• On Thursday, closing crude values have increased.WTI on NYME closed at $53.18/bbl, prices have increased by $0.07/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.03/bbl in compared to last trading and was assessed around $55.89/bbl.

$1 = Rs. 64.41
Import Custom Ex. Rate USD/ INR: 65.90
Export Custom Ex. Rate USD/ INR: 64.20